August 21, 2023
Quantify your Wills Bank
Will banks are one the areas we often get asked about by smaller firms. Does my will bank have a value?
This depends on a number of factors, but one of the key points is always the same for most firms – wills are not organised, no data collation has been done in relation to them and often buyers are just presented with the fact that the firm has 4,000 wills dating back 50 years and they are in a few drawers in a filing cabinet in a dusty storage room.
The questions I have asked in the paragraph below tend to be some of the queries buyers have in relation to will banks.
Do you have full data available to buyers – eg names, addresses, email addresses (if relevant), details or numbers of wills where you are named executors (if relevant), dates drafted, evidence of follow up contacts post-will drafting and any evidence of the proportion of wills converting into probate clients over time.
In relation to the value – there has been a lot of talk in recent times about buyers wanting to purchase will banks and prices being paid. This tends to be from financial advisers and other FCA regulated purchasers. Our understanding is (and please do contact us if incorrect) that an SRA regulated firm has to transfer any wills to another SRA regulated firm, which removes any financial advisers and non-regulated buyers who occasionally indicate they are willing to spend a lot of money acquiring them, unless they operate an ABS to make the acquisition through.
In summary – it is worth sorting out your will bank simply to add saleability to your practice. It is unlikely to increase the value, but it may make a buyer more prepared to pay the price you seek. By way of example, if you undertake the exercise and find that 50% of your wills become probate cases, a buyer can immediately see the potential value of your will bank.
Enquire
